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Telefonica Moviles to Invest
$10 Billion in Latin America

BOGOTA, Colombia -- Telefonica Moviles is on the way to investing a total of $10 billion in Latin America between 2003 and 2006, the company's chief executive said Tuesday.

Antonio Viana-Baptista said in a press conference that the Spanish company will spend $5.8 billion this year on purchases of wireless operations in the region, and that it planned to invest another $4.2 billion in information technology and communication infrastructure within two years.